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The phone is a remarkably complex, simple device,
and very rarely ever needs repairs, once you fix them. Dan/Panther

My guess is it is a rectifer for a local intercom system. A simple Google search found a similar Western Electric 849A box on eBay in 2006. In 1953 Werstern Electric filed a patent application for the copper oxide rectifier process.

See attached Patent file.

I searched my BSP library for more information did not find anything............

May it be a frequency divider, dividing the 60Hz to 30 or 20 Hz for ringing purpose?Those I have seen over here has bigger transformer, but the input is here will be 230V 50 Hz, and the output 90V 25 Hz.